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- W2036739641 abstract "Abstract Application of the theory of fluctuations in physicochemical systems to the economic production process shows the existence of natural entropic fluctuations in the economy with a normally distributed subset of small entropic fluctuations. The analysis is based on the fact that production activities are viewed as composed of a large number of chemical reactions. These reactions are irreversible and therefore, necessarily, produce entropy which is a source of fluctuations. These fluctuations are beyond forecast and contribute an unforeseeable random part to the economy as a whole. Specifically, they contribute a random part to the supply function, they effect the stability properties of the economy, they effect the rational expectation models and finally, the normality proof of the subset of small fluctuations is based on the natural laws and not on direct statistical assumptions and hence reduces the statistical assumptions needed for economic and econometric models." @default.
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- W2036739641 date "1989-04-01" @default.
- W2036739641 modified "2023-09-27" @default.
- W2036739641 title "On the natural fluctuation of the economy" @default.
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- W2036739641 doi "https://doi.org/10.1016/0165-4896(89)90003-6" @default.
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